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2 TM Hotel, Tourism and Leisure Welcome to Horwath HTL, the world s number one hospitality consulting network. We are the industry choice; a global network offering complete solutions across all markets. Since 1988 Horwath HTL has gained extensive market knowledge through involvement in thousands of projects globally. We use this experience to bring the maximum value to any assignment. Horwath HTL has become synonymous with quality, service, impartial advice and expertise. We are known for always providing the highest level of service to our clients. Whatever your requirements, large or small, national or global, Horwath HTL can help you succeed. OUR EXPERTISE Hotels & Restaurants Spas & Golf Courses Conference & Meeting Facilities Mixed-use Developments Tourism & Resorts Brand Expansion Helping you get results at all stages of a project s life Market & Financial Feasibility: Appraisal Reports Destination & Large Scale Project Master Planning Facilities Programming Highest & Best Use Hotel Management Company Selection & Contract Negotiation Macro Tourism Analysis Market & Financial Feasibility Studies Market Entry Strategy Product Conceptualisation Strategic Planning Tourism Planning

3 MARKET AND FINANCIAL FEASIBILITY STUDY Horwath HTL is renowned for insightful and independent feasibility studies. Our regional experience, market research and analysis capabilities underpin the planning process for hotel, tourism and leisure related projects. Horwath HTL feasibility studies provide impartial assessment of project viability and are heavily relied upon by owners, developers, investors, operators, lenders and other interested third parties when making their project planning, investment and/or financing decisions. With continued presence in Italy since 1988, Horwath HTL has built an unrivalled level of expertise involving over hundreds of projects. An integral part of the feasibility process is the identification and definition of the development or property repositioning opportunity that comes from a thorough understanding of market characteristics and the competitive environment. Project concept and facility recommendations derived from this understanding, our project experience and familiarity with international trends are then applied with the aim of maximizing a project's long-term competitive advantages, cash flow and resulting value. From our experience, a credible feasibility study is a critical first step to any development project and is usually required by the following parties: Owners and Developers - for internal project review; Financing Institutions and Investors - for investment decisions; Hotel Management Companies for project evaluation; Architects & Designers for facility requirements and design parameters. SUITABLE PROJECT TYPES New Build Developments Semi-Completed Projects Property Conversions Re-Branding, Introduction of International Brands Refinancing of Existing Properties

TM Hotel, Tourism and Leisure Global leader in hospitality consulting United States and Canada TM Hotel, Tourism and Leisure Welcome to, the world s number one hospitality consulting network. We are the

TM Hotel, Tourism and Leisure Global leader in hospitality consulting Latin America/Caribbean TM Hotel, Tourism and Leisure Welcome to, the world s number one hospitality consulting network. We are the

Global leader in hospitality consulting CHINA - Market & Financial Feasibility Welcome to Horwath HTL, the world s number one hospitality consulting network. We are the industry choice; a global network

Global Leader in Hotel, Tourism & Leisure Consulting United States and Canada TM Hotel, Tourism and Leisure Welcome to, the world s number one hospitality consulting network. We are the industry choice;

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